Credit score plunged...

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compnovice

Diamond Member
Jun 18, 2005
3,192
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I was checking my credit report and noticed there were 2 payments reported as 30 days late (different credit cards).

The information is correct. I hardly ever used these cards and I forgot to make payments beacuse I moved thrice during that time period. As a result, my credit score plunged around 80 points.

Is there any way I can have these "adverse incidents" to my credit report nullified. Or am I toast for the next 7 years?
 
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Lord Evermore

Diamond Member
Oct 10, 1999
9,558
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76
I don't think a couple of late payments will be a serious detriment for very long. If they were accounts sent to collections it'd be a different story. I think the only way you could get them removed would be talking to the card companies, but it's not all that likely to happen.

Speaking of card companies, I cancelled an HSBC card in November, on the day the annual fee was due. They said they'd cancel the fee and the card. A month later I'm getting late payment notices. I check, and the cancellation of the annual fee didn't post until the next day, so they charged a 30 dollar late fee. So I called them and actually had to argue the case that I am not responsible for a late fee on an account I cancelled, on a charge that wasn't removed. I got them to say they'd cancel it. I looked back a while later at the account online, and I see a -30 item, showing it was submitted the day I called to cancel the account, but with a post date of the day that I called in January. And a few days before that, another 30 dollar late fee was posted. They charged me a late fee on a late fee that wasn't valid, and which they'd submitted to remove but never posted. I have to call them again this week.
 
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compnovice

Diamond Member
Jun 18, 2005
3,192
0
0
Originally posted by: Lord Evermore
I don't think a couple of late payments will be a serious detriment for very long. If they were accounts sent to collections it'd be a different story. I think the only way you could get them removed would be talking to the card companies, but it's not all that likely to happen.
Click to expand...

They were not sent to collections but they do come up on my report. I was 60 days late in payments, and they reported it as 30 days late. I have been late for my payments before but all I had to do was to pay some late fee.


 
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Pacfanweb

Lifer
Jan 2, 2000
13,158
59
91
Only 30 days or more will be reported. And yes, they do hammer your score, immediately. All you can do is make sure the account is paid in time from now on, and the score will gradually come up as time goes by. They will not affect your score after 7 years, but you are stuck with their effect for that time period...unless you can somehow convince the CC companies to remove them. (good luck with that)
 
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Lord Evermore

Diamond Member
Oct 10, 1999
9,558
0
76
Having other accounts in good standing helps a lot to mitigate things like that. A personal loan for example or a car loan. More credit cards isn't a good idea; they actually don't like it when you pay in full every month and count it as not as much of a positive as it seems.
 
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bctbct

Diamond Member
Dec 22, 2005
4,868
1
0
Originally posted by: IHAVEAQUESTION
Do they only check credit card payment? Or others like utility bills as well?
Click to expand...

Late payments are not reported on utilities unless it is sent to collections

 
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compnovice

Diamond Member
Jun 18, 2005
3,192
0
0
I just talked with one credit card company. The rep said that she would be putting in my request, and the department which handles this will be withdrawing this incident report from the credit reporting companies in 7 days :)

I just hope that the other department won't create problems....
 
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Pacfanweb

Lifer
Jan 2, 2000
13,158
59
91
Originally posted by: IHAVEAQUESTION
Do they only check credit card payment? Or others like utility bills as well?
Click to expand...
Generally, utilities only report to your credit if you stiff them completely and they can't collect.
They have some other system that they can check and see if you pay your utilities on time or not.

Banks also have a system called Chexsystems where they can see how you handled your checking at other banks. If you bounce a bunch of checks at one bank, you can't just go to another and open one up from scratch....they know about it and some won't open an account for you if you were bad enough.
 
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rasczak

Lifer
Jan 29, 2005
10,437
23
81
Originally posted by: compnovice
I was checking my credit report and noticed there were 2 payments reported as 30 days late (different credit cards).

The information is correct. I hardly ever used these cards and I forgot to make payments beacuse I moved thrice during that time period. As a result, my credit score plunged around 80 points.

Is there any way I can have these "adverse incidents" to my credit report nullified. Or am I toast for the next 7 years?
Click to expand...

you're fine. so long as you catch up with the payments and don't miss anymore. it's when you start getting into collections when you should worry.
 
SSSnail

SSSnail

Lifer
Nov 29, 2006
17,458
83
86
After you pay for them and close your accounts, call the big 3 and they'll erase them after 30 days. Basically, contest it, they won't even bother investigating. If they do, they may not get a response in 30 days so they'll just erase the blemishes.
 
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